Skip to main content
Investment Adviser StepStone Said to Get Backing From Fidelity, T. Rowe Price

Investment Adviser StepStone Said to Get Backing From Fidelity, T. Rowe Price

The two investment firms and an office that invests on behalf of a family or families took a total of 14.4% of StepStone, Bloomberg reports.
  • Author:
  • Publish date:

TheStreet

The two investment firms and an office that invests on behalf of a family or families took a total of 14.4% of StepStone, Bloomberg reports.

Investment adviser StepStone Group received backing from two major financial-services firms before a potential initial public offering as soon as next year, a report said.

People familiar with the matter told Bloomberg that funds managed by Fidelity and T Rowe Price (TROW) - Get Free Report , along with a U.S. family office, bought a total of 14.4% of StepStone.

Of that stake, the Fidelity affiliates bought 8 percentage points, Bloomberg reported.

StepStone Group, based in New York, earlier raised $115 million from 12 investors, according to an August filing cited by Bloomberg.

The firm says on its website that it customizes investment and advisory solutions for investors and manages $52 billion of assets.

Save 57% During Our Fall Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor. Click here to sign up and save!